Egg Insurance is a mortgage product that protects the mortgage balance of your second home against any loss resulting from theft, fire or a combination. Second home owners are normally aged 65 and over, but it does not exclude anyone from the protection. Although not every State requires such a policy, many insist on it as a condition of the loan. The main benefits of this type of insurance are that it protects the mortgage balance and protects the assets of the home owner. It also provides for additional living expenses and liabilities in case of accidental death or disability.

Under the terms of the policy the home owner or borrower, as the case may be, remains responsible for all premiums paid by him under the first policy. In case of death or permanent disability the homeowner has to make the payments himself until the end of the policy. The premiums are paid by the insured under this cover through the use of a credit card. A variety of options are available in this insurance for the benefit of both the homeowner and his family members. There are different policies available depending on the type of home and also the location of the home.

Insurance for rental homes offers a coverage which is designed specifically for protecting the property. The homeowner will have a lien on his property until the policy is in force. In case of death or Permanent disability the policyholder may choose to recover the amount from the person who is renting the house. In the case of theft the homeowner or his family will have the right to auction the property and release the money due to them. In case of death or permanent disability of the policyholder has to find alternative means to carry on the life of the senior independent person.

One of the most important features is the coverage for accidents. It pays up to a limit, which is agreed upon between the insurer and the homeowner. This limit is usually the cost of the repair of the home and all the related contents in the home. The policy may also include accidental death and damage to other persons’ property during an accident. The limit of the cover also depends on the age of the home owner and his income.

Another important feature is the liability cover. This type of insurance will cover the expenses involved in the legal cases against the home owner in case a person gets injured in the home. Most of the times the owner will be named as the plaintiff. So if a visitor or any other person gets injured in the house the insurance company has to bear the expenses.

One of the biggest advantages of homeowner’s insurance policy is that it does not restrict the individual to build only one house as he wishes. The policy will not say a person has to live in a specific house. If he wants he can move out to another house. A home insurance policy also helps a person in many other ways. It can help a person get a loan on mortgage and he will not have to give security until he gets his pay from the insurance company.

One more thing that a homeowner must take care is the term of the policy. If the period of the policy is less than one year then the person will not get anything in the end. According to this policy the person has to live at his house for a minimum of one year after which the policy will lapse. Similarly a person who takes a loan on the house has to live in the house for at least a year after which the loan will be forfeited. According to this policy a person who takes a mortgage can stay in his house for at least five years but according to different states the minimum period is twenty-one days.

Getting home insurance is important in these days when natural disasters are increasing. In order to get a suitable policy a person should compare different home insurance policies. If he is having a new home, he will have to spend some time to look for a suitable policy. If he has an old house, he may find some home insurance policies suitable for his needs. These days there are many websites available that can help a person in looking for the best home insurance policy.